364 



HISTORY AND METHODS OF THE FISHERIES. 



this was a war price. The following table shows the average prices of the different grades of oil 

 in the New York market for a period of seveii years. 



Table showing highest and lowest prices of menhaden oil for the years 1871 to 1877. 

 [Compiled from Oil, Paint, and Drug Reporter.] 



REVIEWS OF THE MARKETS. In January, 1874, the manufacturers composing the " United 

 States Menhaden Oil aud Guano Association" had on hand 484,520 gallons of oil, or about 21 per 

 cent, of the amount manufactured iu 1873 ; in January, 1875, 648,000 gallons, or about 19 per cent. ; 

 in January, 1876, 125,000, or over 4 per cent.; in January, 1877, 264,000, or over 8 per cent.; and 

 iu January, 1878, 94,000, or over 4 per cent. These figures seem to indicate that the demand for oil 

 quite keeps pace with the supply. 



The following editorial on the value of menhaden oil appeared in the Oil, Paint, and Drug 

 Reporter, October 21, 1874: 



"Prices for menhaden oil have ruled very low this year, and it has probably been relatively 

 the cheapest grease in market. This fact, together with a poor run of fish part of the season, 

 caused several of the weakest of the manufacturers to close their works, and the natural result has 

 been less than an average seasou's production, except in Maine. The Maine season ended some 

 time since, and the fall catch of the other States, which is usually the best, has thus far been com- 

 paratively nothing, and, as it will soon close, cannot be improved much. To-day we should estimate 

 the stock iu the hands of fishermen as fully one-quarter less than last year, and with one exception 

 the dealers iu this city are almost without stock. 



"The entire failure of the Arctic whaling fleet, the high price of all other grease, and the 

 advance in the price of Newfoundland cod oil point to advanced prices for menhaden. We said 

 early iu the season that menhaden oil was cheap at 40 cents, aud it ought not to have gone below 

 that price. At the present time some parties talk of r>l cents as the point the market will reach, 

 but we hope that manufacturers will not hold for such high prices. This would be as much too high 

 as 35 cents was too low, and as soon as you get an article above its roal value something takes its 

 place and you cannot get it into the same channels until it becomes so low that it is forced back." 



11. HISTORY OF THE MENHADEN OIL INDUSTRY. 



THE CLAIMS OP MAINE TO THE DISCOVERY OF MENHADEN OIL. The manufacture of men- 

 haden oil has been prosecuted for a few years only. Several individuals claim the honor of having 

 been first to discover its value. About the year 1850 Mrs. John Bartlett, of Blue Hill, near Mount 



